RESOLUTION NO. 2025-089
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CORONA APPROVING THE ISSUANCE BY THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY OF
EXEMPT FACILITY BONDS IN AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $50,000,000 FOR
THE PURPOSE OF FINANCING OR REFINANCING THE
ACQUISITION, CONSTRUCTION, IMPROVEMENT AND
EQUIPPING OF SECOND STREET FAMILY
APARTMENTS AND CERTAIN OTHER MATTERS
RELATING THERETO
WHEREAS, Second Street Family LP (“Borrower”) a partnership of which C&C Development Co., LLC (“Developer”) or a related person to the Developer is the general partner, has requested that the California Municipal Finance Authority (“Authority”) adopt a plan of financing providing for the issuance of exempt facility bonds for a qualified residential rental project pursuant to Section 142(a)(7) of the Internal Revenue Code of 1986 (“Code”) in one or more series issued from time to time, including bonds issued to refund such exempt facility bonds in one or more series from time to time, and at no time to exceed $50,000,000 in aggregate principal amount (“Bonds”), to finance or refinance the acquisition, construction, improvement and equipping of a multifamily rental housing project located at the southwest corner of W. 2nd Street and S. Buena Vista Avenue, Corona, California ( “Project”); and WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by the Authority must be approved by the City of Corona (“City”) because the Project is located within the territorial limits of the City; and
WHEREAS, the City Council of the City (“City Council”) is the elected legislative body of the City and is one of the “applicable elected representatives” required to approve the issuance of the Bonds under Section 147(f) of the Code; and WHEREAS, the Authority has requested that the City Council approve the issuance of the Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (“Agreement”), among certain local agencies, including the City; and WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the Bonds by the Authority.
NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF
THE CITY OF CORONA AS FOLLOWS:
SECTION 1. Recitals. The foregoing recitals are true and correct.
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SECTION 2. Issuance of Bonds. The City Council hereby approves the issuance of the Bonds by the Authority. It is the purpose and intent of the City Council that this resolution constitute approval of the issuance of the Bonds by the Authority, for the purposes of:
(a) Section 147(f) of the Code by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project is located, in accordance with said Section 147(f); and (b) Section 4 of the Agreement.
SECTION 3. Authority Approval Required. The issuance of the Bonds shall be subject to the approval of the Authority of all financing documents relating thereto to which the Authority is a party. The City shall have no responsibility or liability whatsoever with respect to the Bonds.
SECTION 4. No Further Action by City. The adoption of this Resolution shall not obligate the City or any department thereof to: (a) provide any financing to acquire or construct the Project or any refinancing of the Project; (b) approve any application or request for or take any other action in connection with any planning approval, permit or other action necessary for the acquisition, construction, rehabilitation, installation or operation of the Project; (c) make any contribution or advance any funds whatsoever to the Authority; or (d) take any further action with respect to the Authority or its membership therein.
SECTION 5. Authority of City Officers. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this resolution and the financing transaction approved hereby.
SECTION 6. Effective Date. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED this 6th day of August 2025. ____________________________________
Mayor of the City of Corona, California
ATTEST:
___________________________________
City Clerk of the City of Corona, California
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CERTIFICATION
I, Sylvia Edwards, City Clerk of the City of Corona, California, do hereby certify that the foregoing Resolution was regularly introduced and adopted at a regular meeting of the City Council of the City of Corona, California, at a regular meeting thereof held on the 6th day of August 2025, by the following vote of the Council:
AYES:
NOES:
ABSENT:
ABSTAINED:
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Corona, California, this 6th day of August 2025. ________________________________________________
City Clerk of the City of Corona, California
(SEAL)